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Plans to acquire BMS Pakistan
January 2009
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LONDON—GlaxoSmithKline (GSK) announced on Dec. 22, that it entered into a definitive agreement to acquire Bristol-Myers Squibb Pakistan (Private) Ltd. (BMSP) and certain associated trademarks for approximately $36.5 million.

GSK will acquire a portfolio of over 30 well-established pharmaceutical brands, many of which occupy leading market positions in key therapeutic disease areas in Pakistan. The BMSP product portfolio, which includes antibiotics, vitamins and dermatology products, is complementary to GSK's existing portfolio and will also provide new opportunities for GSK in the fast-growing therapeutic areas of cardiovascular and oncology. Total sales of the BMSP product portfolio in 2007 were approximately $19 million.

Commenting on the acquisition, Abbas Hussain, president, Emerging Markets, GSK said, "We are continuing to make investments in emerging markets, to grow and diversify GSK's business. This acquisition reinforces our commitment to Pakistan, broadening our product portfolio and helping us to meet the needs of patients."

The acquisition is the latest in a series of moves by GSK to develop its presence in emerging markets around the world. In July, the company acquired South African-based Aspen and also picked up Bristol-Myers' Egyptian mature products business in October. DDN

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